Western Australian Current Acts Western Australian Current Acts (1) For the purposes
of this Act, the exploration amount for a concessional farm-in transaction is
taken not to be consideration for the concessional farm-in transaction.
(2) Section 11(2) does
not prevent a concessional farm-in transaction from being a dutiable
transaction.
(3) Subsections (4) to
(6) apply if —
(a) a
farm-in agreement is made; and
(b)
there is, or will be, consideration (the relevant consideration ) that is, or
will be, consideration for the farm-in agreement (as opposed to being, for
example, consideration for a concessional farm-in transaction, or for another
type of transaction, contained in the farm-in agreement).
(4) The farm-in
agreement is taken to contain, in addition to the 1 or more transactions that
it actually contains, a dutiable transaction that is the acquisition by the
farmee of a derivative mining right.
(5) The derivative
mining right is taken to be acquired by the farmee on the making of the
farm-in agreement.
(6) The dutiable value
of the dutiable transaction is taken to be the relevant consideration.
[Section 91O inserted: No. 37 of 2022 s. 8.]